PAC For Re-investigating Loaning Irregularities In SMEDA Projects

Muhammad Irfan Published April 08, 2021 | 06:46 PM

The Public Accounts Committee (PAC) of KP Assembly Thursday expressed its concern over poor financial monitoring of public sector organizations and asked the Industries Department to re-investigate loaning irregularities in certain projects floated by Small and Medium Enterprise Development Authority (SMEDA)

PESHAWAR, (UrduPoint / Pakistan Point News - 8th Apr, 2021 ) :The Public Accounts Committee (PAC) of KP Assembly Thursday expressed its concern over poor financial monitoring of public sector organizations and asked the Industries Department to re-investigate loaning irregularities in certain projects floated by Small and Medium Enterprise Development Authority (SMEDA).

The committee also directed for fixing responsibility on the officials concerned as well as ensuring recoveries of losses caused to the public exchequer. It also underlined the need for evolving foolproof mechanism of joint departmental scrutiny of the loaning support to the SME so that deserving youth could be benefited of its fruits.

The observations were made during a meeting of the PAC about disposing audit paras on fiscal anomalies in SMEDA projects under the Industries Department during the militancy period.

The meeting was chaired by MPA Muhammad Idrees at KP Assembly Secretariat Peshawar.

It besides MPA Inayatullah, Salahuddin and Babar Saleem Swati was attended by the high ups of the Industries, Commerce, Technical education, Law, Finance, Accounts & Audit departments and KP Assembly.

The committee expressed satisfaction on progress made so far to streamline the loaning schemes for boosting small and medium businesses in the province.

However, it referred cases of certain fiscal irregularities to the concerned sections for transparent inquiries. The committee observed that audit authorities were in fact the custodians of the public money and they must endeavor with the ultimate goal of stopping fiscal wastage and providing maximum relief to the deserving business communities and the poor segments of society.

The committee, however, asked the departments for expediting the process of recoveries in respect of damages caused to public funds during the under para periods including loss due to delay of recoveries from defaulters.